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FSOC seeks changes to nonbank designation guidance

Joe Mont | March 7, 2019

The multiagency Financial Stability Oversight Council has unanimously voted to release proposed interpretive guidance regarding nonbank financial company systemically important financial institution (SIFI) designations. The proposal is available for public comment.

The new guidance would revise 2012 interpretive guidance and implement an “activities-based approach to identifying and addressing potential risks to financial stability.” It would also “enhance the analytical rigor and transparency” of the Council’s process for designating nonbank financial companies. “The proposal would make significant improvements to how the Council identifies, assesses, and responds to potential risks to U.S. financial stability,” Treasury Secretary Steven Mnuchin said in a statement. 

Under the proposed guidance, the Council would:

  • prioritize its efforts to identify,...
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